Seniors Housing

Covenant Living Acquires 343-Unit Continuing Care Retirement Community in Tulsa

by Taylor Williams November 5, 2019

TULSA, OKLA. — Covenant Living Communities and Services has acquired Inverness Village, a continuing care retirement community (CCRC) in Tulsa, for an undisclosed price. As part of the transition, the community will be rebranded as Covenant Living at Inverness. The community opened in 2003 and features 196 independent living apartments, 40 cottages, 20 garden homes, 31 assisted living apartments, 12 memory care units and 44 skilled nursing rooms. The property sits on 192 acres. Covenant Living also owns and operates a senior living rental independent and assisted living community in Bixby, Okla. Covenant Living at Bixby has been in operation for five years.

November 5, 2019

Development Georgia Multifamily Seniors Housing Southeast

Holbrook Completes $74M Seniors Housing Community in Decatur, Georgia

by Alex Tostado November 4, 2019

DECATUR, GA. — Holbrook has completed construction of Holbrook Decatur, a 200-unit active adult community located roughly 10 miles northwest of downtown Atlanta. Development costs were estimated at $74 million. The five-story building offers 18 individualized floor plans. A grand opening was held Thursday, Oct. 24 at the community. Amenities include custom closets, a fireplace, wine chiller, air ionization and UV water purification. Alpharetta, Ga.-based Holbrook develops, owns and manages active adult, enriched and inspired living communities across the Southeast.

November 4, 2019

Acquisitions Multifamily Seniors Housing Washington Western

Alliant Capital Completes 295-Unit Seniors Housing Community at Former Shopping Center Near Seattle

by Amy Works November 4, 2019

LYNNWOOD, WASH. — Alliant Capital has completed construction of The Reserve at Lynnwood, a 295-unit affordable seniors housing community in Lynnwood, approximately 15 miles north of Seattle. The development struggled in its early days, dealing with environmental contamination at the site, which was formerly a 1950s-era decrepit shopping center, as well as a fire that destroyed initial construction in 2017. “This project certainly had its challenges, but we were determined to overcome the obstacles thrown our way,” says Craig Thomas, who served as the general partner for the project. “Our mission of providing safe, affordable housing is stronger than the issues we faced during this process.” The project is 100 percent LIHTC units. AVS Communities was the developer, Charles Morgan & Associates was the architect and Exxel Pacific Inc. was the general contractor.

November 4, 2019

Acquisitions Idaho Multifamily Seniors Housing Western

Blueprint Negotiates Sale of 119-Bed Skilled Nursing Facility in Idaho

by Amy Works November 4, 2019

REXBURG, IDAHO — Blueprint Healthcare Real Estate Advisors has brokered the sale of Rexburg Care Center, a 119-bed skilled nursing facility in Rexburg, approximately 50 miles west of the Wyoming border. A publicly traded REIT and its operating partner sought to reduce their footprint in the state. The Ensign Group acquired the property for an undisclosed price. Rexburg Care Center is a 5-Star CMS rated facility situated adjacent to Brigham Young University-Idaho and less than 1.5 miles from the nearest regional hospital. With only one local competitor and the facility’s participation in the state’s Upper Payment Limit (UPL) supplemental payment program, Rexburg Care Center produced positive and increasing cash flow year-over-year. However, census remained at relatively low levels compared to industry averages. Blueprint positioned this as an upside opportunity, as only half of the facility’s operational capacity was being utilized, allowing for the potential introduction of lower acuity and/or specialty care services to boost overall census. Pennant Healthcare, Ensign’s portfolio company based in the Pacific Northwest, will operate the property following the sale. Christopher Hyldahl, Ben Firestone, Gideon Orion and Michael Segal facilitated the sale for Blueprint.

November 4, 2019

Acquisitions Multifamily Seniors Housing Top Stories

New Senior Agrees to Sell Entire Assisted Living Portfolio for $385M, Focus Solely on Independent Living

by Jeff Shaw November 1, 2019

NEW YORK CITY — New Senior Investment Group Inc. (NYSE: SNR), a New York-based seniors housing REIT, has agreed to sell its entire assisted living and memory care portfolio for $385 million. The portfolio comprises 28 properties across 14 states totaling 2,840 units. The deal will leave the company with 102 independent living properties and one continuing care retirement community.

November 1, 2019

Acquisitions California Loans Multifamily Seniors Housing Western

Greystone Provides $44M in Freddie Mac Financing for Seniors Housing Acquisition Near San Francisco

by Amy Works November 1, 2019

DALY CITY, CALIF. — Greystone has provided a $44 million loan for the acquisition of a 207-unit seniors housing property in Daly City, just south of San Francisco. Cary Tremper of Greystone originated the Freddie Mac loan. Senior Resource Group and its partners acquired the asset, formerly known as Monarch Village, now named Peninsula Del Rey. The four-story property was built between 2008 and 2011 and offers independent living and assisted living residences. Senior Resource Group has operated the community since 2012. The company develops, owns and/or manages 32 seniors housing communities in Arizona, California, Florida, Georgia, Oregon and Washington comprising 5,852 units. The seller was not disclosed.

November 1, 2019

Loans Massachusetts Multifamily Northeast Seniors Housing Walker & Dunlop

Walker & Dunlop Provides $28M Acquisition Loan for Seniors Housing Campus on Cape Cod

by Alex Patton November 1, 2019

BREWSTER, MASS. — Walker & Dunlop has provided a $28.3 million bridge loan for the acquisition of Pleasant Bay, a 25-acre seniors housing campus in the Cape Cod town of Brewster. The campus comprises The Woodlands at Pleasant Bay, a 59-unit assisted living community, as well as the 134-bed Pleasant Bay Nursing and Rehabilitation Center. Point Group Care operates the community. The specific borrower was not disclosed. The financing will cover approximately 90 percent of the acquisition costs, and the borrower plans to conduct renovations at the property. Featuring flexible prepayment options, the two-year loan includes interest-only payments for the entire life of the loan.. Joshua Rosen structured the debt using Walker & Dunlop’s bridge lending program, which utilizes the company’s own balance sheet to offer short-term, nonrecourse loans for properties that are being acquired or repositioned as part of a new business strategy.

November 1, 2019

Acquisitions California Multifamily Seniors Housing Western

JCH Brokers $95.5M Sale of Seniors Housing Community in Southern California

by Amy Works October 31, 2019

ORANGE COUNTY, CALIF. — JCH Senior Housing Investment Brokerage has arranged the sale of a seniors housing community in Orange County for $95.5 million. The property features 214 units of independent living, assisted living and memory care. The specific name and location were not disclosed. JCH represented the seller, a national owner-operator. The buyer was a Chicago-based private equity firm highly involved in the seniors housing industry. According to JCH, the transaction benefitted from the seller’s willingness to retain operations, high barriers to market entry, 94 percent occupancy and a 53 percent operating margin. Nick Stahler, Mike Mooney and Jim Hazzard were lead advisors in the transaction.

October 31, 2019

California Development Loans Multifamily Seniors Housing Western

Parkview Financial Provides $28M Construction Loan for Age-Restricted Apartment Project in California

by Amy Works October 31, 2019

NATIONAL CITY, CALIF. — Parkview Financial has funded a $28 million construction loan for the development of Paradise Senior Apartments, a 126-unit age-restricted multifamily property in National City. The borrower is a San Marcos, Calif.-based private developer. Located at 2238 Sixth St., the project will include 116 one-bedroom units averaging 568 square feet and 10 two-bedroom units averaging 1,137 square feet for residents age 55 or older. Units will feature stainless steel appliances, wood cabinets, washers/dryers, balcony or patio, plank flooring and other upgrades. The community will feature on-site management, a lounge area, rooftop deck, fitness center and 10,000 square feet of ground-floor commercial space. Additionally, the project will feature one underground level of parking, as well as parking on the ground level, totaling 147 spaces. Construction for the project is slated to begin later this year with completion expected by the second quarter of 2021.

October 31, 2019

Development Illinois Midwest Multifamily Seniors Housing

Smith Senior Living Begins $22.3M Expansion at CCRC in Chicago

by Kristin Harlow October 31, 2019

CHICAGO — Smith Senior Living has broken ground on an expansion project at Smith Village, a continuing care retirement community in Chicago’s Beverly neighborhood. The project will modernize the community’s Johanson Wing, which offers short-term rehabilitation, skilled nursing care and therapy rooms. The expansion will feature a three-story, 10,204-square-foot structure upon completion. Construction will actually reduce the number of licensed beds in Johanson Wing from 100 to 78, as most double-occupancy rooms will be replaced by private suites. Development costs for the project are estimated at $22.3 million.

October 31, 2019

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